Idaho news. (Blackfoot, Idaho) 1887-1891, 1887-06-25
A nrsAsTRoUs DEAL.
ChIeago's wheat Manipulation Comes
20 a sudden and Untineiy Close.

Chicngoss wheat NAahhpnh@tA"H ~~A@sS'
90 a sudden and Untimeiy Close.
CHICAGO, June 1.-THE greatest break
in wheat in the history of the Chicago
Board of Trade occurred this mOrningi
June wheat selling at - cents, a break of
lot. Before the Board opened rumors were
prevalent that at secret meeting last
night Banker Wiltshire, of Cincinnati, who
is alleged to have furnished money in the
great corner, had announced to his brokers
that no more money could be put up on
margins. These rumors are said 70 have
reached the ears OF Ream, Lima
and Brega & Company, for no sooner
had the board opened this morning, than
the above firms had q dozen brokers in the
pit. Such scurrying of brokers and mes
sengers has never been seen. Within an
hour millions of bushels were sold by the
clique. All sorts of rumors were ailoat
One was that big run had begun ON Wit
shire's bank, the Fidelity, at Cincinnati,
and the clique brokers made all haste to
sell out The brokers supposed 10 be run
ming the corner began by bidding 80, while
the opposition were offering wheat at S6A,
and were selling July wheat against cash
wheat they had been carrying.
THE EXCITEMENT INCREASED
as the hands on the indicator advanced to
7Sic, and then dropped to Use. A minute
later the hands pointed to 772c-a drop of
cents, and the shorts were wild. All
sorts Of extrayagant bids We're made, but
very few were accepted Bids fiuctnated
between a and nc until the bell on the
tower struck twelve. Then the indicator
showed that sale had beer made at
769c, when the crowd were wild. Statd
old brokers and commission men ran around
breathless with excitement. The pork
pit was deserted, while the corn pit had
few bidders about, and sales were slow
At II o'clock Secretary Stone announced
from the gallery that all having trades
with Rosenfeld 4 Co. should close them
out for their account. This announcement
meant that the clique had gone TO pieces,
and possibly had carried down with it all
of the large houses through which il hal
been operating. Immediately the offices
of Resented, Kersaw and Irwin
Green were crowded. At Resembles
office Manager johnson said the clique
had violated all Of its verbal, written and
Geographic promises 10 put UP more mar
gins today. Immediately following Roseu-
fields failure July fell to "a, June to z2l.
These were the lowest figures the writer
heard OF. Instead of a hub-bub fol.
lowing the announcement there was
AN UNUSUAL QUIET.
The market was stunned. There was
probably not firm on the floor that did
not know that the announcement meant
loss to it. Among the firms concerning
which most interest was felt was that Of
Kershaw & Co., which was known to have
acted for the clique here As soon as the
Board opened the secretary read COM
munication from the firm to the effect that
an abundance of funds was expected By to-
morrow, and requesting that trades be not
closed out. At two o'clock
came an announcement of the
failure of Hammill & Brine and L. w.
Bailey. Hammill & Brine are well known
and heavy operators, but the Cincinnati
crowd dragged them down with the rest.
There was general satisfaction at the COM
munication Of Kershaw & Co. The firm is
composed of Milwaukee men and it is be-
lieyed their hackers will hold ont, but il Is
feared that when settling time comes at the
clearing house tomorrow further results Of
the Cincinnati lay-down will appear.
MILWAUKEE. June 14.-Such scenes OF
wild excitement as were witnessed on
Change to-day have never been known
here. When the break came everybody
frantically tried to sell wheat and nobody
wanted to buy. In short time july
wheat had sold off from 5Osc TO 77tc, while
September dropped from zoe 70 75lc.
Shortly before noon Hill, Flertzheim Il Co.
were compelled to announce suspension.
They had been buying for Kershaw 4
20, Of Chicago, and were disappointed in |
not receiving remittances expected from
hershaw, and being also pressed by other |
houses to whom they were in |
deDted yielded to the pressure.
Their suspension dragged down Hooker,
Crittenden & Co. and Frank Wilson. each |
OF whom, it is understood, called for
margins, failing to get which they were
compelled te give up Hill, Flertzheim &
70. claim that the money needed by them
VIII be forthcoming Tomorrow, in which |
event Hooker, Crittenden & Co. and Frank |
Wilson will also resume John Wilde. n
broker announced his inability to meet |
margins this afternoon. II Is he.
lieyed other houses will find
themselves in deep water tomorrow. |
Much money has been lost here in small
amounts that IN the aggregate represent a
large sum. The bear element i strongest /
on The local board, but that crowd Il NOT
feeling very jubilant, having been whip
sawed IN the deal. The hull crowd had
exacted differences all along the line of
advance, and now that time has come 10
make up the differences in the other wav
IS unable to meet them, 80 that the pecll.
LIAR spectacle is presented here Of both
bulls and bears being singed at the same
time. Frank Wilson received dispatch
tonight stating that Kershaw & Co. would
meet their obligations tomorrow.